Diane Masucci – Reverse Mortgage Consultant
Diane Masucci - Reverse Mortage Consultant
Diane Masucci began her LeTip presentation by asking a series of questions –
- How old do you have to be to obtain a Reverse Mortgage? 62 years old
- Are closing costs astronomically expensive? Lower than you think.
- Why do folks take a reverse mortgage? For an annuity, a line of credit, or a single payment.
- How much equity can someone receive from their home? 50% – 65%
To help with your financial planning, you should include reverse mortgages in your consideration set.
Top reasons folks get reverse mortgages -
- Eliminate their mortgages payment
- Help pay for unexpected home health care
- Receive an ongoing annuity to help maintain their independence
- Help maintain their independence
When Diane starts working with a client, she always asks, “What is the problem I can help solve using reverse mortgages.”
During Diane’s talk, we learned that reverse mortgages are like home equity loans.
The instrument can be tailored to the needs of the client. You can create an annuity by using the equity in your home. Remember, there is no payment as long as the client stays in their home. These loans are insured by the FHA. Plus, they are non-recourse loans; meaning that you will never owe more then what the house sells for, regardless of market changes.
One big improvement in reverse mortgages is that the costs have dropped. There are now products available that are competitive with home equity loans where the only costs are the cost of third party closing costs.
Regardless of your situation (over 62 or a member of the sandwich generation), improvements in the reverse mortgage instrument warrant serious consideration as you plan your financial future.
Call Diane Masucci to learn more, (973) 462 2274
